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What sum of money set aside at his time

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Question - A factory has just installed a boiler. It is expected that there will be no maintenance expenses until the end of 11th year, when Php 4000.00 will be spent on the boiler. Php 4000.00 will be spent at the end of each successive year until the boiler is scrapped at the age of 35 years. What sum of money set aside at his time at 6% interest will take care of all maintenance expenses for the boiler?

Reference no: EM132959189

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